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Thursday, December 17, 2020

Ark Passes Bridge Builder

Reported by Neil Anderson, Managing Editor

An ETF startup passed B-D's subadvised fund shop last month, pound for pound.

This article draws from Morningstar Direct data on U.S. open-end mutual fund and ETF flows, excluding money-market funds and funds-of-funds, from November 2020.

Ark took the lead last month, thanks to estimated net November inflows of $406 million per fund, up from $300 million per fund in October. Other big November inflows winners included: Grayscale, $366 million per fund (up from $152 million per fund); Spyglass, $100 million per fund (down from $102 million per fund); EMQQ, $91 million per fund (up from $51 million per fund); and SSGA, $87 million per fund (up from $27 million per fund in net outflows).

Year-to-date, as of the end of November, Ark took the lead with an estimated $1.774 billion per fund in net inflows. Other big YTD inflows winners included: Edward Jones' Bridge Builder, $1.425 billion per fund; Grayscale, $1.298 billion per fund; Edgewood, $1.212 billion per fund; and Spyglass, $833 million per fund.

On the flip side, November was another rough month for Dodge & Cox, which suffered an estimated $284 million per fund in net outflows, more than any other fund firm and up from $275 million per fund in October. Other big November outflows sufferers include: Primecap, $190 million per fund (up from $182 million per fund); Longleaf, $54 million per fund (up from $17 million per fund); Sequoia, $51 million per fund (up from $42 million per fund); and FMI, $47 million per fund (up from $26 million per fund).

YTD, as of the end of November, Primecap still led the outflows pack, thanks to an estimated $3.002 billion per fund in net outflows. Other big YTD outflows sufferers included: Dodge & Cox, $2.819 billion per fund; IVA, $683 million per fund; Blackstone, $561 million per fund; and FMI, $544 million per fund.

The whole U.S. mutual fund and ETF industry, excluding money-market funds and funds-of-funds, brought in an estimated $2.712 million per fund in November inflows, up from $379,000 per fund in October. YTD, the industry has brought in $3.102 million per fund in net inflows. 

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